Aira Jewels pays $3.6M to Nassimi Realty for office condo in Midtown West

Aira Jewels through the entity Aira Assets, LLC paid $3.6 million to Nassimi Realty through the entity Nassimi Condos, Inc. for an office condo at 10 West 46th Street in Midtown West, Manhattan.
The deal closed on April 26, 2023 and was recorded on May 15, 2023. The property has 3,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,073 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Nassimi Realty was Mike M. Nassimi. The signatory for Aira Jewels was Varun Jain. Varun Jain is a director at Aira Jewels

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aira Jewels had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nassimi Realty was part of a partnership that purchased one property in one transaction for a total of $320 million and had not sold any properties over the same time period.

The property

The office condo in Midtown West has 3,400 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,400 square feet. The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 7, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 5th highest sale turnover among other neighborhoods in the city with $2.5 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 15.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 27 commercial properties representing 403,378 square feet of the 1,309,332 square feet. The largest owner is Magna Hospitality Group, followed by Gottesman Family and then East Coast Management.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Nassimi Realty owned at least three commercial properties in New York City with 509,672 square feet and a city-determined market value of $193.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.6 million in debt, borrowed from Flagstar Bank. Within the portfolio, the bulk, or 98 percent of the 509,672 square feet of built space are office properties, with mixed-use properties next occupying 2 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

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